NCLT Approves ₹45 Lakh Golden Wealth Advisory Plan Against ₹65.85 Crore Verified Claims
The National Company Law Tribunal’s Mumbai Bench has approved a resolution plan for Golden Wealth Advisory Private Limited with a stated plan value of ₹45 lakh against verified claims of ₹65.85 crore. The order was pronounced on August 7, 2026 and was posted by the Insolvency and Bankruptcy Board of India on September 7, making the detailed creditor treatment and implementation directions newly accessible to insolvency, tax and finance professionals.
The application, IA (IBC)(Plan) No. 93 of 2025 in CP (IB) No. 521/MB/2023, was filed by resolution professional Keyur Jagdishbhai Shah under Section 30(6) of the Insolvency and Bankruptcy Code, 2016. The successful resolution applicant is Suraj Harish Kukreja. The Committee of Creditors approved his plan with 100% voting share on June 24, 2025.
How the insolvency process reached approval
Golden Wealth Advisory entered corporate insolvency resolution after a Section 7 petition by Arham Jewellery. The NCLT initiated CIRP on August 29, 2024. The underlying default arose from an unpaid unsecured short-term loan of ₹39,73,79,600 advanced under a January 31, 2013 memorandum of understanding. The order records that repayment did not occur despite demands and a December 5, 2022 recall notice.
The resolution professional first published Form G in October 2024 and a revised Form G on November 23, 2024. Three expressions of interest were received and three resolution plans ultimately came before the process. One plan was rejected because it was submitted after the extended timeline fixed by the CoC. The remaining plans were assessed for feasibility and viability before electronic voting, which concluded on June 24, 2025 with Kukreja’s plan receiving 100% support.
₹45 lakh plan against ₹65.85 crore verified claims
The order’s financial proposal is particularly significant for accountants and insolvency professionals because it shows the allocation of a very small plan value across a much larger admitted claim pool. Verified claims total ₹65,84,75,431. The plan value is ₹45,00,000, with CIRP costs dealt with according to the plan and statutory priority.
- Unsecured financial creditor: verified claim of ₹39,73,79,600; the plan provides a maximum payment of ₹25 lakh, subject to the treatment of CIRP costs.
- Government and statutory operational creditors: admitted claims total ₹26,10,95,831, comprising ₹1,52,84,324 of VAT dues and ₹24,58,11,507 relating to GST Maharashtra. The plan caps payment to this class at ₹10 lakh on a proportionate basis.
- CIRP cost: payable at actuals within 15 days of approval and capped at ₹10 lakh under the stated plan mechanics; any excess over that cap is to reduce the amount otherwise offered to the unsecured financial creditor.
- Employees and workmen: the order records that no claims were submitted by employees or workmen.
For the ₹10 lakh statutory-creditor pool, the order states that the VAT creditor is to receive 5.85% and the GST creditor 94.15%, reflecting their proportionate share of the admitted government claims. The successful resolution applicant also furnished a performance guarantee equal to 5% of the total amount offered, or ₹2.25 lakh.
Capital, control and implementation change after approval
The plan provides for extinguishment of the existing issued, subscribed and paid-up equity share capital, except for the initial equity subscription contemplated under the plan. Existing promoter-group shareholding is to be cancelled without payout, and the implementing entity and its subsidiaries or associates are to hold 100% of the post-implementation equity.
The order also sets a short implementation structure. A monitoring committee is to be constituted within the plan timetable, with representation from the unsecured financial creditor, the successful resolution applicant and the resolution professional. The Tribunal recorded clarifications on how disagreements are to be handled and said the resolution professional cannot alter the commercial or material terms of the approved plan.
What the NCLT said on judicial review and statutory claims
The Bench found the plan compliant with Section 30(2) of the IBC and the relevant CIRP Regulations. Referring to Supreme Court precedent on CoC commercial wisdom, it reiterated that the adjudicating authority’s review is confined to the statutory requirements and does not permit it to rewrite a commercially approved resolution plan.
The approved plan is binding on the corporate debtor, employees, members, creditors, governments, local authorities, guarantors and other stakeholders covered by Section 31. Claims from the pre-CIRP period that are not part of the approved plan stand extinguished in accordance with the legal principles cited in the order. However, the Tribunal expressly clarified that approval does not waive future statutory obligations or liabilities. Approvals, licences and reliefs falling within the jurisdiction of other authorities must still be pursued before those authorities.
The moratorium under Section 14 ceased from the date of the order. The resolution professional has also been directed to supervise implementation and file implementation status before the NCLT from time to time, preferably every quarter.
For CAs, insolvency professionals, tax teams and resolution-plan advisers, the Golden Wealth Advisory order is a useful current example of how a heavily impaired claim pool can be dealt with through a CoC-approved plan while statutory priorities, clean-slate principles, future tax liabilities and implementation controls remain distinct issues. The exact NCLT order should be read before using the case as a precedent because the result turns on its own claim structure, valuation, CoC decision and plan terms. The official NCLT order hosted by IBBI contains the full payment table and directions.
Official source: View the official source document
Key takeaway
NCLT Mumbai has approved Suraj Kukreja’s ₹45 lakh resolution plan for Golden Wealth Advisory against ₹65.85 crore of verified claims, with specific treatment for an unsecured lender, VAT and GST dues.
